COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
March 28, 2024 (Unaudited)*
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares |
|
|
Value |
|
| PREFERRED SECURITIES—EXCHANGE-TRADED |
|
|
24.6 |
% |
|
|
|
|
|
|
|
|
| BANKING |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
| Bank of America Corp., 4.125%, Series PP(a)(b) |
|
|
|
34,350 |
|
|
$ |
667,764 |
|
| Bank of America Corp., 4.25%, Series QQ(a)(b) |
|
|
|
59,099 |
|
|
|
1,170,160 |
|
| Bank of America Corp., 4.375%, Series NN(a)(b) |
|
|
|
32,349 |
|
|
|
667,360 |
|
| Bank of America Corp., 4.75%, Series SS(a)(b) |
|
|
|
30,254 |
|
|
|
668,613 |
|
| Bank of America Corp., 5.375%, Series KK(a)(b) |
|
|
|
55,215 |
|
|
|
1,322,399 |
|
| Bank of America Corp., 5.875%, Series HH(a)(b) |
|
|
|
35,622 |
|
|
|
886,632 |
|
| Federal Agricultural Mortgage Corp., 4.875%, Series G(b) |
|
|
|
27,286 |
|
|
|
555,816 |
|
| JPMorgan Chase & Co., 4.20%, Series MM(a)(b) |
|
|
|
15,599 |
|
|
|
314,476 |
|
| JPMorgan Chase & Co., 4.55%, Series JJ(a)(b) |
|
|
|
19,453 |
|
|
|
416,489 |
|
| JPMorgan Chase & Co., 5.75%, Series DD(a)(b) |
|
|
|
58,472 |
|
|
|
1,462,969 |
|
| Morgan Stanley, 4.25%, Series O(a)(b) |
|
|
|
34,072 |
|
|
|
686,210 |
|
| Morgan Stanley, 5.85%, Series K(a)(b) |
|
|
|
35,291 |
|
|
|
881,922 |
|
| Morgan Stanley, 6.375%, Series I(a)(b) |
|
|
|
66,456 |
|
|
|
1,654,754 |
|
| Morgan Stanley, 6.50%, Series P(a)(b) |
|
|
|
14,598 |
|
|
|
384,073 |
|
| Regions Financial Corp., 5.70% to 5/15/29, Series C(a)(b)(c) |
|
|
|
35,091 |
|
|
|
828,148 |
|
| Texas Capital Bancshares, Inc., 5.75%, Series B(a)(b) |
|
|
|
8,443 |
|
|
|
171,984 |
|
| Truist Financial Corp., 4.75%, Series R(a)(b) |
|
|
|
20,152 |
|
|
|
429,238 |
|
| U.S. Bancorp, 4.00%, Series M(a)(b) |
|
|
|
50,675 |
|
|
|
955,224 |
|
| U.S. Bancorp, 5.50%, Series K(a)(b) |
|
|
|
22,605 |
|
|
|
557,439 |
|
| Wells Fargo & Co., 4.25%, Series DD(a)(b) |
|
|
|
44,544 |
|
|
|
868,163 |
|
| Wells Fargo & Co., 4.375%, Series CC(a)(b) |
|
|
|
59,764 |
|
|
|
1,213,209 |
|
| Wells Fargo & Co., 4.70%, Series AA(a)(b) |
|
|
|
52,257 |
|
|
|
1,123,526 |
|
| Wells Fargo & Co., 4.75%, Series Z(a)(b) |
|
|
|
82,253 |
|
|
|
1,784,890 |
|
| Wells Fargo & Co., 5.625%, Series Y(a)(b) |
|
|
|
37,197 |
|
|
|
924,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,596,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER DISCRETIONARY PRODUCTS |
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
| Ford Motor Co., Senior Debt, 6.50%, due 8/15/62(a) |
|
|
|
22,478 |
|
|
|
558,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIAL SERVICES |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
| Affiliated Managers Group, Inc., 6.75%, due 3/30/64(a) |
|
|
|
55,600 |
|
|
|
1,418,912 |
|
| Apollo Global Management, Inc., 7.625% to 9/15/28, due 9/15/53(a)(c) |
|
|
|
36,235 |
|
|
|
958,416 |
|
| Carlyle Finance LLC, 4.625%, due 5/15/61(a) |
|
|
|
1,919 |
|
|
|
37,440 |
|
| TPG Operating Group II LP, 6.95%, due 3/15/64(a) |
|
|
|
56,904 |
|
|
|
1,495,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,910,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INDUSTRIAL SERVICES |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
| WESCO International, Inc., 10.625% to 6/22/25, Series A(b)(c) |
|
|
|
104,030 |
|
|
|
2,737,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
| AEGON Funding Co. LLC, 5.10%, due 12/15/49 (Netherlands)(a) |
|
|
|
48,866 |
|
|
|
1,058,926 |
|
| Allstate Corp., 7.375%, Series J(a)(b) |
|
|
|
23,761 |
|
|
|
637,983 |
|
| Arch Capital Group Ltd., 4.55%, Series G(a)(b) |
|
|
|
64,738 |
|
|
|
1,339,429 |
|
| Arch Capital Group Ltd., 5.45%, Series F(a)(b) |
|
|
|
34,097 |
|
|
|
805,712 |
|
| Athene Holding Ltd., 4.875%, Series D(a)(b) |
|
|
|
70,627 |
|
|
|
1,312,956 |
|
| Athene Holding Ltd., 5.625%, Series B(a)(b) |
|
|
|
8,698 |
|
|
|
188,834 |
|
| Athene Holding Ltd., 6.35% to 6/30/29, Series A(a)(b)(c) |
|
|
|
43,898 |
|
|
|
1,046,089 |
|
| Athene Holding Ltd., 6.375% to 6/30/25, Series C(a)(b)(c) |
|
|
|
6,735 |
|
|
|
167,432 |
|
| Athene Holding Ltd., 7.25% to 3/30/29, due 3/30/64(a)(c) |
|
|
|
54,814 |
|
|
|
1,396,661 |
|
| Athene Holding Ltd., 7.75% to 12/30/27, Series E(a)(b)(c) |
|
|
|
47,590 |
|
|
|
1,242,575 |
|
| Axis Capital Holdings Ltd., 5.50%, Series E(a)(b) |
|
|
|
29,013 |
|
|
|
657,725 |
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares |
|
|
Value |
|
| Brighthouse Financial, Inc., 5.375%, Series C(a)(b) |
|
|
|
33,701 |
|
|
$ |
691,544 |
|
| Enstar Group Ltd., 7.00% to 9/1/28, Series D(a)(b)(c) |
|
|
|
54,631 |
|
|
|
1,368,506 |
|
| Equitable Holdings, Inc., 4.30%, Series C(a)(b) |
|
|
|
24,923 |
|
|
|
461,325 |
|
| Equitable Holdings, Inc., 5.25%, Series A(a)(b) |
|
|
|
40,382 |
|
|
|
921,921 |
|
| F&G Annuities & Life, Inc., Senior Debt, 7.95%, due 12/15/53(a) |
|
|
|
50,050 |
|
|
|
1,309,308 |
|
| Lincoln National Corp., 9.00%, Series D(a)(b) |
|
|
|
30,282 |
|
|
|
834,875 |
|
| MetLife, Inc., 4.75%, Series F(a)(b) |
|
|
|
11,301 |
|
|
|
240,711 |
|
| MetLife, Inc., 5.625%, Series E(a)(b) |
|
|
|
66,230 |
|
|
|
1,590,845 |
|
| Prudential Financial, Inc., 5.95%, due 9/1/62(a) |
|
|
|
55 |
|
|
|
1,411 |
|
| Reinsurance Group of America, Inc., 7.125% to 10/15/27, due 10/15/52(a)(c) |
|
|
|
14,836 |
|
|
|
384,104 |
|
| RenaissanceRe Holdings Ltd., 4.20%, Series G (Bermuda)(b) |
|
|
|
36,402 |
|
|
|
689,090 |
|
| W R Berkley Corp., 4.125%, due 3/30/61(a) |
|
|
|
14,253 |
|
|
|
277,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,625,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PIPELINES |
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
| Energy Transfer LP, 7.60% to 5/15/24, Series E(a)(b)(c) |
|
|
|
22,915 |
|
|
|
579,749 |
|
| TC Energy Corp., 3.351% to 11/30/25, Series 11 (Canada)(a)(b)(c) |
|
|
|
26,957 |
|
|
|
368,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
948,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE |
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
| Public Storage, 4.10%, Series S(a)(b) |
|
|
|
30,000 |
|
|
|
566,700 |
|
| Public Storage, 4.70%, Series J(a)(b) |
|
|
|
38,024 |
|
|
|
817,136 |
|
| Public Storage, 4.75%, Series K(a)(b) |
|
|
|
22,122 |
|
|
|
478,720 |
|
| Regency Centers Corp., 5.875%, Series B(b) |
|
|
|
60,000 |
|
|
|
1,407,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,270,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TELECOMMUNICATIONS |
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
| AT&T, Inc., 4.75%, Series C(a)(b) |
|
|
|
48,527 |
|
|
|
975,878 |
|
| AT&T, Inc., 5.00%, Series A(a)(b) |
|
|
|
48,300 |
|
|
|
1,031,688 |
|
| AT&T, Inc., Senior Debt, 5.35%, due 11/1/66(a) |
|
|
|
36,835 |
|
|
|
865,622 |
|
| AT&T, Inc., Senior Debt, 5.625%, due 8/1/67(a) |
|
|
|
24,500 |
|
|
|
598,535 |
|
| U.S. Cellular Corp., Senior Debt, 5.50%, due 3/1/70(a) |
|
|
|
10,734 |
|
|
|
193,427 |
|
| U.S. Cellular Corp., Senior Debt, 5.50%, due 6/1/70(a) |
|
|
|
10,815 |
|
|
|
195,752 |
|
| U.S. Cellular Corp., Senior Debt, 6.25%, due 9/1/69(a) |
|
|
|
23,860 |
|
|
|
460,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,321,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
| Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79,
Series 19-A (Canada)(a)(c) |
|
|
|
22,887 |
|
|
|
572,175 |
|
| Brookfield BRP Holdings Canada, Inc., 4.625% (Canada)(a)(b) |
|
|
|
25,091 |
|
|
|
426,547 |
|
| Brookfield BRP Holdings Canada, Inc., 4.875% (Canada)(a)(b) |
|
|
|
34,274 |
|
|
|
591,569 |
|
| Brookfield Infrastructure Finance ULC, 5.00%, due 5/24/81 (Canada)(a) |
|
|
|
47,325 |
|
|
|
871,253 |
|
| Brookfield Infrastructure Partners LP, 5.125%, Series 13 (Canada)(a)(b) |
|
|
|
47,732 |
|
|
|
865,858 |
|
| CMS Energy Corp., 5.625%, due 3/15/78(a) |
|
|
|
39,996 |
|
|
|
982,302 |
|
| SCE Trust VII, 7.50%, Series M (TruPS)(a)(b) |
|
|
|
111,200 |
|
|
|
2,961,256 |
|
| Sempra, 5.75%, due 7/1/79(a) |
|
|
|
14,706 |
|
|
|
352,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,623,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED
(Identified
cost—$61,536,713) |
|
|
|
|
|
|
|
62,590,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount** |
|
|
Value |
|
| PREFERRED
SECURITIES—OVER-THE-COUNTER |
|
|
120.8 |
% |
|
|
|
|
|
|
|
|
| BANKING |
|
|
76.8 |
% |
|
|
|
|
|
|
|
|
| Abanca Corp. Bancaria SA, 6.00% to 1/20/26 (Spain)(b)(c)(d)(e) |
|
|
EUR |
800,000 |
|
|
$ |
833,477 |
|
| Abanca Corp. Bancaria SA, 10.625% to 7/14/28 (Spain)(b)(c)(d)(e) |
|
|
EUR |
400,000 |
|
|
|
478,440 |
|
| ABN AMRO Bank NV, 6.875% to 9/22/31 (Netherlands)(b)(c)(d)(e) |
|
|
EUR |
1,000,000 |
|
|
|
1,115,950 |
|
| AIB Group PLC, 5.25% to 10/9/24 (Ireland)(b)(c)(d)(e) |
|
|
EUR |
600,000 |
|
|
|
643,904 |
|
| Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27 (Spain)(b)(c)(d) |
|
|
|
600,000 |
|
|
|
554,054 |
|
| Banco Bilbao Vizcaya Argentaria SA, 6.50% to 3/5/25, Series
9
(Spain)(b)(c)(d) |
|
|
|
1,600,000 |
|
|
|
1,590,360 |
|
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(b)(c)(d) |
|
|
|
1,700,000 |
|
|
|
1,832,532 |
|
| Banco de Credito e Inversiones SA, 8.75% to 2/8/29 (Chile)(b)(c)(d)(f) |
|
|
|
400,000 |
|
|
|
412,750 |
|
| Banco de Sabadell SA, 5.75% to 3/15/26 (Spain)(b)(c)(d)(e) |
|
|
EUR |
800,000 |
|
|
|
836,076 |
|
| Banco de Sabadell SA, 9.375% to 7/18/28 (Spain)(b)(c)(d)(e) |
|
|
EUR |
1,800,000 |
|
|
|
2,110,303 |
|
| Banco Santander SA, 9.625% to 11/21/28 (Spain)(b)(c)(d) |
|
|
|
1,200,000 |
|
|
|
1,283,916 |
|
| Banco Santander SA, 9.625% to 5/21/33 (Spain)(b)(c)(d) |
|
|
|
3,400,000 |
|
|
|
3,753,457 |
|
| Bank of America Corp., 4.375% to 1/27/27, Series RR(a)(b)(c) |
|
|
|
1,574,000 |
|
|
|
1,479,470 |
|
| Bank of America Corp., 5.875% to 3/15/28, Series FF(a)(b)(c) |
|
|
|
1,235,000 |
|
|
|
1,217,651 |
|
| Bank of America Corp., 6.10% to 3/17/25, Series AA(a)(b)(c) |
|
|
|
764,000 |
|
|
|
768,021 |
|
| Bank of America Corp., 6.125% to 4/27/27, Series TT(a)(b)(c) |
|
|
|
1,215,000 |
|
|
|
1,221,356 |
|
| Bank of America Corp., 6.25% to 9/5/24, Series X(a)(b)(c) |
|
|
|
305,000 |
|
|
|
306,110 |
|
| Bank of America Corp., 6.30% to 3/10/26, Series DD(a)(b)(c) |
|
|
|
662,000 |
|
|
|
665,905 |
|
| Bank of America Corp., 6.50% to 10/23/24, Series Z(a)(b)(c) |
|
|
|
305,000 |
|
|
|
306,021 |
|
| Bank of Ireland Group PLC, 7.50% to 5/19/25 (Ireland)(b)(c)(d)(e) |
|
|
EUR |
1,010,000 |
|
|
|
1,109,305 |
|
| Bank of Nova Scotia, 4.90% to 6/4/25 (Canada)(a)(b)(c) |
|
|
|
1,020,000 |
|
|
|
1,006,253 |
|
| Bank of Nova Scotia, 8.00% to 1/27/29, due 1/27/84 (Canada)(a)(c) |
|
|
|
1,000,000 |
|
|
|
1,020,078 |
|
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(a)(c) |
|
|
|
1,600,000 |
|
|
|
1,669,922 |
|
| Barclays Bank PLC, 6.278% to 12/15/34, Series 1 (United Kingdom)(b)(c) |
|
|
|
880,000 |
|
|
|
880,988 |
|
| Barclays PLC, 6.125% to 12/15/25 (United Kingdom)(b)(c)(d) |
|
|
|
1,000,000 |
|
|
|
966,381 |
|
| Barclays PLC, 7.125% to 6/15/25 (United Kingdom)(b)(c)(d) |
|
|
GBP |
200,000 |
|
|
|
248,834 |
|
| Barclays PLC, 8.00% to 3/15/29 (United Kingdom)(b)(c)(d) |
|
|
|
1,400,000 |
|
|
|
1,400,615 |
|
| Barclays PLC, 8.875% to 9/15/27 (United Kingdom)(b)(c)(d)(e) |
|
|
GBP |
600,000 |
|
|
|
772,534 |
|
| Barclays PLC, 9.25% to 9/15/28 (United Kingdom)(b)(c)(d) |
|
|
GBP |
600,000 |
|
|
|
783,229 |
|
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(b)(c)(d) |
|
|
|
2,600,000 |
|
|
|
2,763,545 |
|
| BNP Paribas SA, 4.50% to 2/25/30 (France)(b)(c)(d)(f) |
|
|
|
1,400,000 |
|
|
|
1,140,209 |
|
| BNP Paribas SA, 4.625% to 1/12/27 (France)(b)(c)(d)(f) |
|
|
|
2,800,000 |
|
|
|
2,545,942 |
|
| BNP Paribas SA, 4.625% to 2/25/31 (France)(b)(c)(d)(f) |
|
|
|
2,075,000 |
|
|
|
1,716,911 |
|
| BNP Paribas SA, 7.00% to 8/16/28 (France)(b)(c)(d)(f) |
|
|
|
965,000 |
|
|
|
958,439 |
|
| BNP Paribas SA, 7.375% to 8/19/25 (France)(b)(c)(d)(f) |
|
|
|
1,000,000 |
|
|
|
1,004,872 |
|
| BNP Paribas SA, 7.75% to 8/16/29 (France)(b)(c)(d)(f) |
|
|
|
2,000,000 |
|
|
|
2,052,366 |
|
| BNP Paribas SA, 8.00% to 8/22/31 (France)(b)(c)(d)(f) |
|
|
|
400,000 |
|
|
|
409,252 |
|
| BNP Paribas SA, 8.50% to 8/14/28 (France)(b)(c)(d)(f) |
|
|
|
2,800,000 |
|
|
|
2,933,706 |
|
| BNP Paribas SA, 9.25% to 11/17/27 (France)(b)(c)(d)(f) |
|
|
|
1,600,000 |
|
|
|
1,720,832 |
|
| CaixaBank SA, 7.50% to 1/16/30 (Spain)(b)(c)(d)(e) |
|
|
EUR |
600,000 |
|
|
|
672,496 |
|
| CaixaBank SA, 8.25% to 3/13/29 (Spain)(b)(c)(d)(e) |
|
|
EUR |
1,000,000 |
|
|
|
1,149,423 |
|
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b)(c) |
|
|
|
3,653,000 |
|
|
|
3,422,217 |
|
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b)(c) |
|
|
|
4,204,000 |
|
|
|
3,552,400 |
|
| Charles Schwab Corp., 5.00% to 6/1/27, Series K(b)(c) |
|
|
|
652,000 |
|
|
|
624,981 |
|
| Charles Schwab Corp., 5.375% to 6/1/25, Series G(a)(b)(c) |
|
|
|
1,686,000 |
|
|
|
1,678,546 |
|
| Citigroup Capital III, 7.625%, due 12/1/36 (TruPS) |
|
|
|
4,115,000 |
|
|
|
4,332,801 |
|
| Citigroup, Inc., 3.875% to 2/18/26, Series X(b)(c) |
|
|
|
2,343,000 |
|
|
|
2,217,118 |
|
| Citigroup, Inc., 5.95% to 5/15/25, Series P(b)(c) |
|
|
|
1,882,000 |
|
|
|
1,881,526 |
|
| Citigroup, Inc., 6.25% to 8/15/26, Series T(b)(c) |
|
|
|
636,000 |
|
|
|
639,223 |
|
| Citigroup, Inc., 7.625% to 11/15/28, Series AA(b)(c) |
|
|
|
2,739,000 |
|
|
|
2,882,433 |
|
| CoBank ACB, 6.25% to 10/1/26, Series I(a)(b)(c) |
|
|
|
2,534,000 |
|
|
|
2,488,480 |
|
| CoBank ACB, 6.45% to 10/1/27, Series K(a)(b)(c) |
|
|
|
1,370,000 |
|
|
|
1,354,304 |
|
3
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Principal
Amount** |
|
|
Value |
|
| Commerzbank AG, 7.00% to 4/9/25 (Germany)(b)(c)(d)(e) |
|
|
1,000,000 |
|
|
$ |
986,196 |
|
| Cooperatieve Rabobank UA, 4.875% to 6/29/29 (Netherlands)(b)(c)(d)(e) |
|
EUR |
1,400,000 |
|
|
|
1,426,374 |
|
| Credit Agricole SA, 4.75% to 3/23/29 (France)(a)(b)(c)(d)(f) |
|
|
2,000,000 |
|
|
|
1,761,587 |
|
| Credit Agricole SA, 6.50% to 9/23/29, Series EMTN (France)(b)(c)(d)(e) |
|
EUR |
1,600,000 |
|
|
|
1,755,156 |
|
| Credit Agricole SA, 7.25% to 9/23/28, Series EMTN (France)(b)(c)(d)(e) |
|
EUR |
900,000 |
|
|
|
1,025,854 |
|
| Credit Agricole SA, 8.125% to 12/23/25 (France)(a)(b)(c)(d)(f) |
|
|
650,000 |
|
|
|
664,261 |
|
| Credit Suisse Group AG, 6.375%, Claim (Switzerland)(b)(d)(f)(g)(h) |
|
|
3,000,000 |
|
|
|
345,000 |
|
| Danske Bank AS, 7.00% to 6/26/25 (Denmark)(b)(c)(d)(e) |
|
|
600,000 |
|
|
|
596,333 |
|
| Deutsche Bank AG, 6.00% to 10/30/25, Series 2020 (Germany)(b)(c)(d) |
|
|
400,000 |
|
|
|
371,291 |
|
| Deutsche Bank AG, 10.00% to 12/1/27 (Germany)(b)(c)(d)(e) |
|
EUR |
1,400,000 |
|
|
|
1,641,605 |
|
| Farm Credit Bank of Texas, 5.70% to 9/15/25, Series 4(b)(c)(f) |
|
|
1,725,000 |
|
|
|
1,709,626 |
|
| Farm Credit Bank of Texas, 9.601% (3 Month USD Term SOFR + 4.01%)(b)(f)(i) |
|
|
9,779 |
† |
|
|
977,900 |
|
| First Horizon Bank, 6.437% (3 Month USD Term SOFR +
1.112%,
Floor 3.75%)(a)(b)(f)(i) |
|
|
1,537 |
† |
|
|
975,995 |
|
| Goldman Sachs Capital I, 6.345%, due 2/15/34 (TruPS) |
|
|
1,007,000 |
|
|
|
1,050,258 |
|
| Goldman Sachs Group, Inc., 3.65% to 8/10/26, Series U(b)(c) |
|
|
1,287,000 |
|
|
|
1,178,715 |
|
| Goldman Sachs Group, Inc., 7.50% to 2/10/29, Series W(b)(c) |
|
|
843,000 |
|
|
|
897,239 |
|
| HSBC Capital Funding Dollar 1 LP, 10.176% to 6/30/30, Series 2
(United
Kingdom)(b)(c)(f) |
|
|
1,797,000 |
|
|
|
2,264,409 |
|
| HSBC Holdings PLC, 4.00% to 3/9/26 (United Kingdom)(a)(b)(c)(d) |
|
|
1,800,000 |
|
|
|
1,676,700 |
|
| HSBC Holdings PLC, 4.60% to 12/17/30 (United Kingdom)(a)(b)(c)(d) |
|
|
3,400,000 |
|
|
|
2,884,831 |
|
| HSBC Holdings PLC, 6.00% to 5/22/27 (United Kingdom)(a)(b)(c)(d) |
|
|
4,600,000 |
|
|
|
4,439,317 |
|
| HSBC Holdings PLC, 6.375% to 3/30/25 (United Kingdom)(a)(b)(c)(d) |
|
|
600,000 |
|
|
|
596,578 |
|
| HSBC Holdings PLC, 6.50% to 3/23/28 (United Kingdom)(a)(b)(c)(d) |
|
|
1,600,000 |
|
|
|
1,569,841 |
|
| HSBC Holdings PLC, 6.50%, due 9/15/37 (United Kingdom)(a) |
|
|
902,000 |
|
|
|
961,927 |
|
| HSBC Holdings PLC, 8.00% to 3/7/28 (United Kingdom)(a)(b)(c)(d) |
|
|
2,400,000 |
|
|
|
2,497,082 |
|
| Huntington Bancshares, Inc., 4.45% to 10/15/27, Series G(b)(c) |
|
|
779,000 |
|
|
|
707,875 |
|
| Huntington Bancshares, Inc., 5.625% to 7/15/30, Series F(b)(c) |
|
|
926,000 |
|
|
|
846,898 |
|
| ING Groep NV, 4.25% to 5/16/31, Series NC10 (Netherlands)(b)(c)(d) |
|
|
600,000 |
|
|
|
456,713 |
|
| ING Groep NV, 4.875% to 5/16/29 (Netherlands)(b)(c)(d)(e) |
|
|
2,200,000 |
|
|
|
1,895,117 |
|
| ING Groep NV, 5.75% to 11/16/26 (Netherlands)(b)(c)(d) |
|
|
2,400,000 |
|
|
|
2,286,916 |
|
| ING Groep NV, 6.50% to 4/16/25 (Netherlands)(b)(c)(d) |
|
|
1,400,000 |
|
|
|
1,383,870 |
|
| ING Groep NV, 7.50% to 5/16/28 (Netherlands)(b)(c)(d)(e) |
|
|
800,000 |
|
|
|
795,871 |
|
| ING Groep NV, 8.00% to 5/16/30 (Netherlands)(b)(c)(d)(e) |
|
|
1,200,000 |
|
|
|
1,219,080 |
|
| Intesa Sanpaolo SpA, 7.70% to 9/17/25 (Italy)(b)(c)(d)(f) |
|
|
1,200,000 |
|
|
|
1,198,174 |
|
| Intesa Sanpaolo SpA, 9.125% to 9/7/29 (Italy)(b)(c)(d)(e) |
|
EUR |
1,400,000 |
|
|
|
1,690,446 |
|
| JPMorgan Chase & Co., 6.875% to 6/1/29, Series NN(a)(b)(c) |
|
|
5,244,000 |
|
|
|
5,439,456 |
|
| JPMorgan Chase & Co., 8.818% (3 Month USD Term SOFR +
3.512%),
Series Q(a)(b)(i) |
|
|
1,306,000 |
|
|
|
1,307,016 |
|
| Lloyds Banking Group PLC, 6.75% to 6/27/26 (United Kingdom)(b)(c)(d) |
|
|
400,000 |
|
|
|
395,535 |
|
| Lloyds Banking Group PLC, 7.50% to 9/27/25 (United Kingdom)(b)(c)(d) |
|
|
2,200,000 |
|
|
|
2,196,705 |
|
| Lloyds Banking Group PLC, 8.00% to 9/27/29 (United Kingdom)(b)(c)(d) |
|
|
600,000 |
|
|
|
605,620 |
|
| Lloyds Banking Group PLC, 8.50% to 9/27/27 (United Kingdom)(b)(c)(d) |
|
GBP |
800,000 |
|
|
|
1,031,681 |
|
| M&T Bank Corp., 3.50% to 9/1/26, Series I(b)(c) |
|
|
178,000 |
|
|
|
136,973 |
|
| Nationwide Building Society, 5.75% to 6/20/27 (United Kingdom)(b)(c)(d)(e) |
|
GBP |
600,000 |
|
|
|
719,425 |
|
| NatWest Group PLC, 6.00% to 12/29/25 (United Kingdom)(b)(c)(d) |
|
|
1,400,000 |
|
|
|
1,370,587 |
|
| NatWest Group PLC, 8.00% to 8/10/25 (United Kingdom)(b)(c)(d) |
|
|
800,000 |
|
|
|
804,942 |
|
| Nordea Bank Abp, 6.625% to 3/26/26 (Finland)(a)(b)(c)(d)(f) |
|
|
1,600,000 |
|
|
|
1,587,861 |
|
| PNC Financial Services Group, Inc., 3.40% to 9/15/26, Series T(a)(b)(c) |
|
|
1,283,000 |
|
|
|
1,124,601 |
|
| PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b)(c) |
|
|
1,381,000 |
|
|
|
1,353,446 |
|
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b)(c) |
|
|
1,976,000 |
|
|
|
1,975,795 |
|
| PNC Financial Services Group, Inc., 6.25% to 3/15/30, Series W(a)(b)(c) |
|
|
2,191,000 |
|
|
|
2,128,934 |
|
| Regions Financial Corp., 5.75% to 6/15/25, Series D(b)(c) |
|
|
529,000 |
|
|
|
522,453 |
|
| Skandinaviska Enskilda Banken AB, 6.875% to 6/30/27 (Sweden)(a)(b)(c)(d)(e) |
|
|
200,000 |
|
|
|
198,000 |
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount** |
|
|
Value |
|
| Societe Generale SA, 5.375% to 11/18/30 (France)(b)(c)(d)(f) |
|
|
|
2,400,000 |
|
|
$ |
2,028,270 |
|
| Societe Generale SA, 6.75% to 4/6/28 (France)(b)(c)(d)(f) |
|
|
|
2,160,000 |
|
|
|
1,973,075 |
|
| Societe Generale SA, 7.875% to 1/18/29, Series EMTN (France)(b)(c)(d)(e) |
|
|
EUR |
600,000 |
|
|
|
678,896 |
|
| Societe Generale SA, 9.375% to 11/22/27 (France)(b)(c)(d)(f) |
|
|
|
2,800,000 |
|
|
|
2,906,576 |
|
| Societe Generale SA, 10.00% to 11/14/28 (France)(b)(c)(d)(f) |
|
|
|
2,600,000 |
|
|
|
2,764,744 |
|
| Standard Chartered PLC, 4.30% to 8/19/28 (United Kingdom)(b)(c)(d)(f) |
|
|
|
1,000,000 |
|
|
|
825,428 |
|
| Standard Chartered PLC, 4.75% to 1/14/31 (United Kingdom)(b)(c)(d)(f) |
|
|
|
1,200,000 |
|
|
|
1,000,413 |
|
| Standard Chartered PLC, 7.75% to 8/15/27 (United Kingdom)(b)(c)(d)(f) |
|
|
|
600,000 |
|
|
|
609,146 |
|
| Standard Chartered PLC, 7.875% to 3/8/30 (United Kingdom)(b)(c)(d)(f) |
|
|
|
1,800,000 |
|
|
|
1,794,215 |
|
| State Street Corp., 6.70% to 3/15/29, Series I(b)(c) |
|
|
|
2,290,000 |
|
|
|
2,329,438 |
|
| Swedbank AB, 7.625% to 3/17/28 (Sweden)(b)(c)(d)(e) |
|
|
|
200,000 |
|
|
|
199,481 |
|
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(b)(c)(d)(e) |
|
|
|
1,200,000 |
|
|
|
1,192,490 |
|
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(c) |
|
|
|
3,400,000 |
|
|
|
3,574,600 |
|
| Truist Financial Corp., 4.95% to 9/1/25, Series P(a)(b)(c) |
|
|
|
694,000 |
|
|
|
682,607 |
|
| Truist Financial Corp., 5.10% to 3/1/30, Series Q(a)(b)(c) |
|
|
|
1,450,000 |
|
|
|
1,356,097 |
|
| Truist Financial Corp., 5.125% to 12/15/27, Series M(a)(b)(c) |
|
|
|
872,000 |
|
|
|
789,754 |
|
| UBS Group AG, 4.375% to 2/10/31 (Switzerland)(b)(c)(d)(f) |
|
|
|
1,800,000 |
|
|
|
1,484,678 |
|
| UBS Group AG, 4.875% to 2/12/27 (Switzerland)(b)(c)(d)(f) |
|
|
|
3,200,000 |
|
|
|
2,946,295 |
|
| UBS Group AG, 5.125% to 7/29/26 (Switzerland)(b)(c)(d)(e) |
|
|
|
400,000 |
|
|
|
381,368 |
|
| UBS Group AG, 6.875% to 8/7/25 (Switzerland)(b)(c)(d)(e) |
|
|
|
2,400,000 |
|
|
|
2,378,794 |
|
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(b)(c)(d)(f) |
|
|
|
3,200,000 |
|
|
|
3,475,120 |
|
| UBS Group AG, 9.25% to 11/13/33 (Switzerland)(b)(c)(d)(f) |
|
|
|
3,800,000 |
|
|
|
4,297,941 |
|
| U.S. Bancorp, 3.70% to 1/15/27, Series N(a)(b)(c) |
|
|
|
377,000 |
|
|
|
327,918 |
|
| U.S. Bancorp, 5.30% to 4/15/27, Series J(a)(b)(c) |
|
|
|
1,000,000 |
|
|
|
959,906 |
|
| Wells Fargo & Co., 3.90% to 3/15/26, Series BB(b)(c) |
|
|
|
5,387,000 |
|
|
|
5,128,700 |
|
| Wells Fargo & Co., 5.875% to 6/15/25, Series U(b)(c) |
|
|
|
724,000 |
|
|
|
724,217 |
|
| Wells Fargo & Co., 5.95%, due 12/15/36 |
|
|
|
1,027,000 |
|
|
|
1,035,931 |
|
| Wells Fargo & Co., 7.625% to 9/15/28(b)(c) |
|
|
|
2,160,000 |
|
|
|
2,313,809 |
|
| Wells Fargo & Co., 7.95%, due 11/15/29, Series B |
|
|
|
249,000 |
|
|
|
278,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,482,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ENERGY |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
| BP Capital Markets PLC, 4.375% to 6/22/25(a)(b)(c) |
|
|
|
384,000 |
|
|
|
377,314 |
|
| BP Capital Markets PLC, 4.875% to 3/22/30(a)(b)(c) |
|
|
|
1,953,000 |
|
|
|
1,869,305 |
|
| BP Capital Markets PLC, 6.45% to 12/1/33(a)(b)(c) |
|
|
|
1,610,000 |
|
|
|
1,671,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,917,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIAL SERVICES |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
| American Express Co., 3.55% to 9/15/26, Series D(b)(c) |
|
|
|
1,833,000 |
|
|
|
1,701,220 |
|
| Apollo Management Holdings LP, 4.95% to 12/17/24, due 1/14/50(a)(c)(f) |
|
|
|
878,000 |
|
|
|
835,148 |
|
| ARES Finance Co. III LLC, 4.125% to 6/30/26, due 6/30/51(a)(c)(f) |
|
|
|
1,075,000 |
|
|
|
1,002,698 |
|
| Discover Financial Services, 6.125% to 6/23/25, Series D(b)(c) |
|
|
|
463,000 |
|
|
|
465,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,004,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INSURANCE |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
| Aegon Ltd., 5.50% to 4/11/28, due 4/11/48 (Netherlands)(a)(c) |
|
|
|
600,000 |
|
|
|
582,467 |
|
| Aegon Ltd., 5.625% to 4/15/29 (Netherlands)(b)(c)(d)(e) |
|
|
EUR |
1,200,000 |
|
|
|
1,261,812 |
|
| Allianz SE, 3.50% to 11/17/25 (Germany)(a)(b)(c)(d)(f) |
|
|
|
1,400,000 |
|
|
|
1,302,004 |
|
| Allianz SE, 6.35% to 3/6/33, due 9/6/53 (Germany)(a)(c)(f) |
|
|
|
1,000,000 |
|
|
|
1,052,181 |
|
| Assurant, Inc., 7.00% to 3/27/28, due 3/27/48(c) |
|
|
|
1,555,000 |
|
|
|
1,585,629 |
|
| AXA SA, 6.375% to 7/16/33, Series EMTN (France)(b)(c)(d)(e) |
|
|
EUR |
600,000 |
|
|
|
673,581 |
|
| AXA SA, 8.60%, due 12/15/30 (France)(a) |
|
|
|
525,000 |
|
|
|
620,492 |
|
| AXIS Specialty Finance LLC, 4.90% to 1/15/30, due 1/15/40(a)(c) |
|
|
|
545,000 |
|
|
|
486,902 |
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount** |
|
|
Value |
|
| CNP Assurances SACA, 4.875% to 10/7/30 (France)(a)(b)(c)(d)(e) |
|
|
|
600,000 |
|
|
$ |
508,371 |
|
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(c) |
|
|
|
1,640,000 |
|
|
|
1,643,605 |
|
| Enstar Finance LLC, 5.50% to 1/15/27, due 1/15/42(a)(c) |
|
|
|
1,390,000 |
|
|
|
1,297,299 |
|
| Enstar Finance LLC, 5.75% to 9/1/25, due 9/1/40(a)(c) |
|
|
|
1,770,000 |
|
|
|
1,719,386 |
|
| Equitable Holdings, Inc., 4.95% to 9/15/25, Series B(a)(b)(c) |
|
|
|
1,150,000 |
|
|
|
1,126,758 |
|
| Global Atlantic Fin Co., 4.70% to 7/15/26, due 10/15/51(c)(f) |
|
|
|
1,613,000 |
|
|
|
1,454,642 |
|
| Hartford Financial Services Group, Inc., 7.694% (3 Month USD Term SOFR + 2.387%),
due 2/12/47, Series ICON(a)(f)(i) |
|
|
|
1,400,000 |
|
|
|
1,247,320 |
|
| ILFC E-Capital Trust I, 7.145% (3 Month USD
Term SOFR + 1.812%), due 12/21/65 (TruPS)(f)(i) |
|
|
|
693,000 |
|
|
|
543,024 |
|
| Lancashire Holdings Ltd., 5.625% to 3/18/31, due 9/18/41
(United
Kingdom)(c)(e) |
|
|
|
1,000,000 |
|
|
|
900,167 |
|
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, due 12/15/51(c)(f) |
|
|
|
1,150,000 |
|
|
|
1,040,942 |
|
| Lincoln National Corp., 9.25% to 12/1/27, Series C(b)(c) |
|
|
|
853,000 |
|
|
|
921,046 |
|
| Markel Group, Inc., 6.00% to 6/1/25(b)(c) |
|
|
|
690,000 |
|
|
|
685,211 |
|
| MetLife Capital Trust IV, 7.875%, due 12/15/37 (TruPS)(a)(f) |
|
|
|
2,678,000 |
|
|
|
2,877,851 |
|
| MetLife, Inc., 9.25%, due 4/8/38(a)(f) |
|
|
|
2,309,000 |
|
|
|
2,709,461 |
|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.875% to 11/23/31, due
5/23/42 (Germany)(a)(c)(f) |
|
|
|
600,000 |
|
|
|
609,955 |
|
| Nippon Life Insurance Co., 6.25% to 9/13/33, due 9/13/53 (Japan)(a)(c)(f) |
|
|
|
392,000 |
|
|
|
410,149 |
|
| NN Group NV, 6.375% to 9/12/30 (Netherlands)(b)(c)(d)(e) |
|
|
EUR |
400,000 |
|
|
|
433,918 |
|
| Phoenix Group Holdings PLC, 5.625% to 1/29/25 (United Kingdom)(b)(c)(d)(e) |
|
|
|
600,000 |
|
|
|
587,188 |
|
| Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(c) |
|
|
|
1,585,000 |
|
|
|
1,578,849 |
|
| Prudential Financial, Inc., 6.50% to 12/15/33, due 3/15/54(a)(c) |
|
|
|
2,400,000 |
|
|
|
2,439,180 |
|
| Prudential Financial, Inc., 6.75% to 12/1/32, due 3/1/53(a)(c) |
|
|
|
990,000 |
|
|
|
1,031,771 |
|
| QBE Insurance Group Ltd., 5.875% to 5/12/25 (Australia)(a)(b)(c)(f) |
|
|
|
1,800,000 |
|
|
|
1,786,269 |
|
| Rothesay Life PLC, 4.875% to 4/13/27, Series NC6 (United Kingdom)(b)(c)(d)(e) |
|
|
|
400,000 |
|
|
|
349,100 |
|
| SBL Holdings, Inc., 6.50% to 11/13/26(b)(c)(f) |
|
|
|
1,370,000 |
|
|
|
1,072,573 |
|
| SBL Holdings, Inc., 7.00% to 5/13/25(b)(c)(f) |
|
|
|
1,216,000 |
|
|
|
1,039,680 |
|
| Sumitomo Life Insurance Co., 5.875% to 1/18/34 (Japan)(a)(b)(c)(f) |
|
|
|
2,000,000 |
|
|
|
1,997,146 |
|
| Swiss Re Finance Luxembourg SA, 5.00% to 4/2/29, due
4/2/49
(Switzerland)(a)(c)(f) |
|
|
|
400,000 |
|
|
|
389,701 |
|
| Zurich Finance Ireland Designated Activity Co., 3.00% to 1/19/31, due
4/19/51, Series EMTN (Switzerland)(a)(c)(e) |
|
|
|
966,000 |
|
|
|
802,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,767,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PIPELINES |
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
| Enbridge, Inc., 5.50% to 7/15/27, due 7/15/77, Series
2017-A (Canada)(a)(c) |
|
|
|
275,000 |
|
|
|
261,177 |
|
| Enbridge, Inc., 5.75% to 4/15/30, due 7/15/80, Series
20-A (Canada)(a)(c) |
|
|
|
1,600,000 |
|
|
|
1,516,165 |
|
| Enbridge, Inc., 6.00% to 1/15/27, due 1/15/77, Series
16-A (Canada)(a)(c) |
|
|
|
1,724,000 |
|
|
|
1,688,105 |
|
| Enbridge, Inc., 6.25% to 3/1/28, due 3/1/78 (Canada)(a)(c) |
|
|
|
1,970,000 |
|
|
|
1,920,801 |
|
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(a)(c) |
|
|
|
698,000 |
|
|
|
703,015 |
|
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(a)(c) |
|
|
|
2,152,000 |
|
|
|
2,213,876 |
|
| Enbridge, Inc., 8.25% to 10/15/28, due 1/15/84, Series NC5 (Canada)(a)(c) |
|
|
|
2,370,000 |
|
|
|
2,472,140 |
|
| Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(a)(c) |
|
|
|
2,815,000 |
|
|
|
3,065,634 |
|
| Energy Transfer LP, 6.50% to 11/15/26, Series H(b)(c) |
|
|
|
1,250,000 |
|
|
|
1,228,303 |
|
| Energy Transfer LP, 7.125% to 5/15/30, Series G(b)(c) |
|
|
|
1,873,000 |
|
|
|
1,833,267 |
|
| Energy Transfer LP, 8.00% to 2/15/29, due 5/15/54(c) |
|
|
|
770,000 |
|
|
|
808,216 |
|
| Enterprise Products Operating LLC, 8.573% (3 Month USD Term SOFR + 3.248%), due
8/16/77, Series D(a)(i) |
|
|
|
986,000 |
|
|
|
985,837 |
|
| Transcanada Trust, 5.50% to 9/15/29, due 9/15/79 (Canada)(c) |
|
|
|
3,007,000 |
|
|
|
2,776,087 |
|
| Transcanada Trust, 5.60% to 12/7/31, due 3/7/82 (Canada)(c) |
|
|
|
2,065,000 |
|
|
|
1,887,724 |
|
| Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(c) |
|
|
|
3,972,000 |
|
|
|
3,869,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,229,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REAL ESTATE |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
| Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80 (Australia)(a)(c)(f) |
|
|
|
2,189,000 |
|
|
|
2,104,309 |
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Principal
Amount** |
|
|
Value |
|
| Scentre Group Trust 2, 5.125% to 6/24/30, due 9/24/80 (Australia)(a)(c)(f) |
|
|
|
1,200,000 |
|
|
$ |
1,112,429 |
|
| Unibail-Rodamco-Westfield SE, 7.25% to 7/3/28 (France)(b)(c)(e) |
|
|
EUR |
800,000 |
|
|
|
917,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,134,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RETAIL & WHOLESALE—STAPLES |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
| Land O’ Lakes, Inc., 7.00%(b)(f) |
|
|
|
1,100,000 |
|
|
|
841,500 |
|
| Land O’ Lakes, Inc., 7.25%(b)(f) |
|
|
|
1,190,000 |
|
|
|
957,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,799,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TELECOMMUNICATIONS |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
| Telefonica Europe BV, 6.135% to 2/3/30 (Spain)(b)(c)(e) |
|
|
EUR |
700,000 |
|
|
|
784,402 |
|
| Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(c) |
|
|
|
800,000 |
|
|
|
690,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,474,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UTILITIES |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82
(Canada)(c) |
|
|
|
2,524,000 |
|
|
|
2,227,319 |
|
| American Electric Power Co., Inc., 3.875% to 11/15/26, due 2/15/62(c) |
|
|
|
1,481,000 |
|
|
|
1,338,296 |
|
| CMS Energy Corp., 4.75% to 3/1/30, due 6/1/50(c) |
|
|
|
992,000 |
|
|
|
914,816 |
|
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(b)(c) |
|
|
|
2,525,000 |
|
|
|
2,376,445 |
|
| Dominion Energy, Inc., 4.65% to 12/15/24, Series B(b)(c) |
|
|
|
660,000 |
|
|
|
649,324 |
|
| Edison International, 5.00% to 12/15/26, Series B(b)(c) |
|
|
|
516,000 |
|
|
|
490,150 |
|
| Edison International, 5.375% to 3/15/26, Series A(b)(c) |
|
|
|
2,320,000 |
|
|
|
2,250,836 |
|
| Edison International, 7.875% to 3/15/29, due 6/15/54(c) |
|
|
|
1,060,000 |
|
|
|
1,091,615 |
|
| Electricite de France SA, 7.50% to 9/6/28, Series EMTN (France)(b)(c)(e) |
|
|
EUR |
1,000,000 |
|
|
|
1,171,419 |
|
| Electricite de France SA, 9.125% to 3/15/33 (France)(b)(c)(f) |
|
|
|
1,000,000 |
|
|
|
1,104,185 |
|
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series
16-A (Canada)(c) |
|
|
|
3,361,000 |
|
|
|
3,332,008 |
|
| NextEra Energy Capital Holdings, Inc., 3.80% to 3/15/27, due 3/15/82(a)(c) |
|
|
|
392,000 |
|
|
|
357,595 |
|
| NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, due 5/1/79(a)(c) |
|
|
|
678,000 |
|
|
|
651,848 |
|
| NextEra Energy Capital Holdings, Inc., 6.70% to 6/1/29, due 9/1/54(a)(c) |
|
|
|
2,780,000 |
|
|
|
2,796,029 |
|
| Sempra, 4.125% to 1/1/27, due 4/1/52(a)(c) |
|
|
|
2,252,000 |
|
|
|
2,088,834 |
|
| Sempra, 4.875% to 10/15/25(b)(c) |
|
|
|
1,306,000 |
|
|
|
1,281,113 |
|
| Sempra, 6.875% to 7/1/29, due 10/1/54(a)(c) |
|
|
|
1,880,000 |
|
|
|
1,901,232 |
|
| Southern California Edison Co., 9.767% (3 Month USD Term SOFR + 4.461%), Series
E(b)(i) |
|
|
|
850,000 |
|
|
|
854,145 |
|
| Southern Co., 3.75% to 6/15/26, due 9/15/51, Series
21-A(a)(c) |
|
|
|
1,261,000 |
|
|
|
1,180,461 |
|
| Southern Co., 4.00% to 10/15/25, due 1/15/51, Series B(a)(c) |
|
|
|
750,000 |
|
|
|
721,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,779,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL PREFERRED
SECURITIES—OVER-THE-COUNTER
(Identified cost—$303,555,745) |
|
|
|
|
|
|
|
307,589,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Shares |
|
|
|
|
| SHORT-TERM INVESTMENTS |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
| MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
| State Street Institutional Treasury Plus Money Market Fund,
Premier Class,
5.25%(j) |
|
|
|
6,800,717 |
|
|
|
6,800,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$6,800,717) |
|
|
|
|
|
|
|
6,800,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$371,893,175) |
|
|
148.1 |
% |
|
|
|
|
|
|
376,981,207 |
|
| LIABILITIES IN EXCESS OF OTHER ASSETS |
|
|
(48.1 |
) |
|
|
|
|
|
|
(122,470,813 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS (Equivalent to $21.16 per share based on 12,028,187 shares of common stock
outstanding) |
|
|
100.0 |
% |
|
|
|
|
|
$ |
254,510,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Centrally Cleared Interest Rate Swap Contracts
|
|
Notional
Amount |
|
|
Fixed
Rate
Payable |
|
|
Fixed
Payment
Frequency |
|
Floating
Rate
Receivable
(resets
monthly) |
|
|
Floating
Payment
Frequency |
|
Maturity Date |
|
Value |
|
|
Upfront
Receipts
(Payments) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| |
$30,000,000 |
|
|
|
0.548% |
|
|
Monthly |
|
|
5.424%(k) |
|
|
Monthly |
|
9/15/25 |
|
$ |
1,881,381 |
|
|
$ |
4,142 |
|
|
$ |
1,885,523 |
|
| |
39,000,000 |
|
|
|
1.181% |
|
|
Monthly |
|
|
5.424%(k) |
|
|
Monthly |
|
9/15/26 |
|
|
3,034,698 |
|
|
|
6,783 |
|
|
|
3,041,481 |
|
| |
40,000,000 |
|
|
|
0.930% |
|
|
Monthly |
|
|
5.424%(k) |
|
|
Monthly |
|
9/15/27 |
|
|
4,309,547 |
|
|
|
7,543 |
|
|
|
4,317,090 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,225,626 |
|
|
$ |
18,468 |
|
|
$ |
9,244,094 |
|
| |
|
|
The total amount of all interest rate swap contracts as presented in the table above are representative of the
volume of activity for this derivative type during the period ended March 28, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Over-the-Counter Total
Return Swap Contracts |
|
| Counterparty |
|
Notional
Amount |
|
|
Fixed
Payable
Rate |
|
|
Fixed
Payment
Frequency |
|
Underlying
Reference Entity |
|
Position |
|
Maturity
Date |
|
|
Value |
|
|
Premiums
Paid |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| BNP Paribas |
|
$ |
3,266,899 |
|
|
|
0.25% |
|
|
Monthly |
|
BNPXCHY5 Index(l) |
|
Short |
|
|
5/15/24 |
|
|
$ |
(31,608 |
) |
|
$ |
— |
|
|
$ |
(31,608 |
) |
| BNP Paribas |
|
EUR |
2,964,973 |
|
|
|
0.30% |
|
|
Monthly |
|
BNPXCEX5 Index(m) |
|
Short |
|
|
5/15/24 |
|
|
|
5,849 |
|
|
|
— |
|
|
|
5,849 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(25,759 |
) |
|
$ |
— |
|
|
$ |
(25,759 |
) |
| |
|
8
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Counterparty |
|
Contracts
to Deliver |
|
|
In Exchange
For |
|
|
Settlement
Date |
|
Unrealized
Appreciation
(Depreciation) |
|
| Brown Brothers Harriman |
|
CAD |
|
|
482,530 |
|
|
USD |
|
|
355,851 |
|
|
4/3/24 |
|
$ |
(389 |
) |
| Brown Brothers Harriman |
|
EUR |
|
|
167,798 |
|
|
USD |
|
|
183,441 |
|
|
4/3/24 |
|
|
2,413 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
430,421 |
|
|
USD |
|
|
467,623 |
|
|
4/3/24 |
|
|
3,264 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
674,193 |
|
|
USD |
|
|
734,432 |
|
|
4/3/24 |
|
|
7,079 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
1,000,000 |
|
|
USD |
|
|
1,086,269 |
|
|
4/3/24 |
|
|
7,419 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
731,810 |
|
|
USD |
|
|
796,970 |
|
|
4/3/24 |
|
|
7,457 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
3,038,311 |
|
|
USD |
|
|
3,291,342 |
|
|
4/3/24 |
|
|
13,460 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
16,593,978 |
|
|
USD |
|
|
17,975,924 |
|
|
4/3/24 |
|
|
73,513 |
|
| Brown Brothers Harriman |
|
GBP |
|
|
420,507 |
|
|
USD |
|
|
532,519 |
|
|
4/3/24 |
|
|
1,776 |
|
| Brown Brothers Harriman |
|
GBP |
|
|
422,710 |
|
|
USD |
|
|
538,338 |
|
|
4/3/24 |
|
|
4,814 |
|
| Brown Brothers Harriman |
|
GBP |
|
|
1,790,447 |
|
|
USD |
|
|
2,264,838 |
|
|
4/3/24 |
|
|
5,026 |
|
| Brown Brothers Harriman |
|
USD |
|
|
356,534 |
|
|
CAD |
|
|
482,530 |
|
|
4/3/24 |
|
|
(295 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
19,859,080 |
|
|
EUR |
|
|
18,386,164 |
|
|
4/3/24 |
|
|
(23,168 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
965,909 |
|
|
EUR |
|
|
889,773 |
|
|
4/3/24 |
|
|
(5,978 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
2,926,410 |
|
|
EUR |
|
|
2,709,363 |
|
|
4/3/24 |
|
|
(3,414 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
208,574 |
|
|
EUR |
|
|
190,505 |
|
|
4/3/24 |
|
|
(3,048 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
350,400 |
|
|
EUR |
|
|
322,263 |
|
|
4/3/24 |
|
|
(2,727 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
151,650 |
|
|
EUR |
|
|
138,443 |
|
|
4/3/24 |
|
|
(2,291 |
) |
| Brown Brothers Harriman |
|
USD |
|
|
3,327,318 |
|
|
GBP |
|
|
2,633,664 |
|
|
4/3/24 |
|
|
(3,240 |
) |
| Brown Brothers Harriman |
|
CAD |
|
|
501,400 |
|
|
USD |
|
|
370,606 |
|
|
5/2/24 |
|
|
279 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
2,771,369 |
|
|
USD |
|
|
2,996,654 |
|
|
5/2/24 |
|
|
3,289 |
|
| Brown Brothers Harriman |
|
EUR |
|
|
18,415,772 |
|
|
USD |
|
|
19,912,790 |
|
|
5/2/24 |
|
|
21,855 |
|
| Brown Brothers Harriman |
|
GBP |
|
|
214,442 |
|
|
USD |
|
|
270,821 |
|
|
5/2/24 |
|
|
120 |
|
| Brown Brothers Harriman |
|
GBP |
|
|
2,615,603 |
|
|
USD |
|
|
3,304,801 |
|
|
5/2/24 |
|
|
2,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
110,209 |
|
| |
|
Glossary of Portfolio Abbreviations
|
|
|
|
|
| |
|
CAD |
|
Canada Dollar |
|
|
EMTN |
|
Euro Medium Term Note |
|
|
EUR |
|
Euro Currency |
|
|
GBP |
|
British Pound |
|
|
ICON |
|
Income Capital Obligation Note |
|
|
OIS |
|
Overnight Indexed Swap |
|
|
SOFR |
|
Secured Overnight Financing Rate |
|
|
TruPS |
|
Trust Preferred Securities |
|
|
USD |
|
United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
| * |
March 28, 2024 represents the last business day of the Fund’s quarterly period. See Note 1 of
the accompanying Notes to Schedule of Investments. |
| ** |
Amount denominated in U.S. dollars unless otherwise indicated. |
| (a) |
All or a portion of the security is pledged as collateral in connection with the Fund’s revolving
credit agreement. $181,504,204 in aggregate has been pledged as collateral. |
| (b) |
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by
the issuer. |
| (c) |
Security converts to floating rate after the indicated fixed–rate coupon period. |
| (d) |
Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption
characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $119,921,563 which represents 47.1% of the net assets of the Fund (31.3% of the managed assets of the Fund). |
9
| (e) |
Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are
subject to resale restrictions. Aggregate holdings amounted to $36,891,947 which represents 14.5% of the net assets of the Fund, of which 0.0% are illiquid. |
| (f) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only
be resold to qualified institutional buyers. Aggregate holdings amounted to $79,977,110 which represents 31.4% of the net assets of the Fund, of which 0.9% are illiquid. |
| (g) |
Non–income producing security. |
| (h) |
Security is in default. |
| (i) |
Variable rate. Rate shown is in effect at March 28, 2024. |
| (j) |
Rate quoted represents the annualized seven–day yield. |
| (k) |
Based on USD-SOFR-OIS.
Represents rates in effect at March 28, 2024. |
| (l) |
The index intends to track the performance of the CDX.NA HY. The two constituent investments held within the
index at March 28, 2024 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment |
|
Receive |
|
Frequency |
|
Payment |
|
Frequency |
|
Maturity
Date |
|
Total
Weight |
|
|
3/28/24
Price |
|
|
3/28/24
Value |
|
| Credit Default Swaps (CDS)—MARKIT CDX.NA.HY.42 Index |
|
5.00% per
anum |
|
Quarterly |
|
Performance
of CDS |
|
Semiannually |
|
6/20/29 |
|
|
99.69 |
% |
|
$ |
107.16 |
|
|
$ |
3,288,076 |
|
| Cash |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
0.31 |
% |
|
|
— |
|
|
|
10,204 |
|
| (m) |
The index intends to track the performance of the iTraxx Crossover CDS. The two constituent investments held
within the index at March 28, 2024 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment |
|
Receive |
|
Frequency |
|
Payment |
|
Frequency |
|
Maturity
Date |
|
Total
Weight |
|
|
3/28/24
Price |
|
|
3/28/24
Value |
|
| Credit Default Swaps (CDS)—MARKIT ITRX EUR XOVER Index |
|
5.00% per
anum |
|
Quarterly |
|
Performance
of CDS |
|
Semiannually |
|
6/20/29 |
|
|
100.15 |
% |
|
EUR |
297.03 |
|
|
$ |
3,197,460 |
|
| Cash |
|
|
|
— |
|
— |
|
— |
|
— |
|
|
(0.15 |
)% |
|
|
— |
|
|
|
(4,816 |
) |
|
|
|
|
|
| Country Summary |
|
% of
Managed
Assets |
|
| United States |
|
|
48.1 |
|
| United Kingdom |
|
|
11.1 |
|
| Canada |
|
|
10.1 |
|
| France |
|
|
9.1 |
|
| Switzerland |
|
|
4.3 |
|
| Spain |
|
|
4.1 |
|
| Netherlands |
|
|
3.6 |
|
| Germany |
|
|
1.6 |
|
| Australia |
|
|
1.3 |
|
| Italy |
|
|
0.8 |
|
| Japan |
|
|
0.6 |
|
| Ireland |
|
|
0.5 |
|
| Other (includes short-term investments) |
|
|
4.8 |
|
|
|
|
100.0 |
|
|
|
|
|
|
10
COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Quarterly Period
Since March 28, 2024 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was
open for trading, the Fund’s schedule of investments have been presented through that date.
Note 2. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the
last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no
ask price is available, at the bid price. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are
valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options and total return swaps are valued based upon prices provided by a
third- party pricing service or counterparty. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Centrally cleared interest rate swaps are valued at the price determined by the relevant exchange or
clearinghouse.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including
NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of
which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain
non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by
Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager,
pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Fixed-income securities
are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such
securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through
which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market
transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates,
anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair
value. Investments in open-end mutual funds are valued at net asset value (NAV).
The Board of Directors has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment manager has established
a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to
utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid
and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in
which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close
of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or
factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated
using market quotations. Fair value pricing involves subjective judgements and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to
transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in
determining the fair value of the Fund’s investments is summarized below.
COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
| |
• |
|
Level 1 — quoted prices in active markets for identical investments |
| |
• |
|
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest
rates, credit risk, etc.) |
| |
• |
|
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an
indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the inputs used as of March 28, 2024 in valuing the Fund’s investments carried at value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quoted Prices in
Active Markets
for Identical
Investments
(Level 1) |
|
|
Other
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
| Preferred Securities—Exchange-Traded |
|
$ |
62,590,689 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
62,590,689 |
|
| Preferred
Securities—Over-the-Counter |
|
|
— |
|
|
|
307,589,801 |
|
|
|
— |
|
|
|
307,589,801 |
|
| Short-Term Investments |
|
|
— |
|
|
|
6,800,717 |
|
|
|
— |
|
|
|
6,800,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities(a) |
|
$ |
62,590,689 |
|
|
$ |
314,390,518 |
|
|
$ |
— |
|
|
$ |
376,981,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Exchange Contracts |
|
$ |
— |
|
|
$ |
154,759 |
|
|
$ |
— |
|
|
$ |
154,759 |
|
| Interest Rate Swap Contracts |
|
|
— |
|
|
|
9,244,094 |
|
|
|
— |
|
|
|
9,244,094 |
|
| Total Return Swap Contracts |
|
|
— |
|
|
|
5,849 |
|
|
|
— |
|
|
|
5,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Derivative Assets(a) |
|
$ |
— |
|
|
$ |
9,404,702 |
|
|
$ |
— |
|
|
$ |
9,404,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forward Foreign Currency Exchange Contracts |
|
$ |
— |
|
|
$ |
(44,550 |
) |
|
$ |
— |
|
|
$ |
(44,550 |
) |
| Total Return Swap Contracts |
|
|
— |
|
|
|
(31,608 |
) |
|
|
— |
|
|
|
(31,608 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Derivative Liabilities(a) |
|
$ |
— |
|
|
$ |
(76,158 |
) |
|
$ |
— |
|
|
$ |
(76,158 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Portfolio holdings are disclosed individually on the Schedule of Investments. |
Note 3. Derivative Investments
Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge
the currency exposure associated with certain of its non-U.S. dollar denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign
currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by
the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was
closed are included in net realized gain or loss on forward foreign currency exchange contracts. For federal income tax purposes, the Fund has made an election to treat gains and losses from forward foreign currency exchange contracts as
capital gains and losses.
Forward foreign currency exchange contracts involve elements of market risk in excess of the
amounts reflected on the Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the
counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.
Over-the-Counter Total Return Swap
Contracts: In a total return swap, one party receives a periodic payment equal to the total return of a specified security, basket of securities, index, or other reference asset for a specified period of time. In return, the other party receives
a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the value of the swap are recorded as unrealized
gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Fund bears the risk of loss in the event of nonperformance by the swap counterparty. Risks may also arise from unanticipated movements in the value of
exchange rates, interest rates, securities, index, or other reference asset.
COHEN & STEERS SELECT PREFERRED AND INCOME FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest
rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the
Fund’s shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the
counterparty) a fixed rate payment in exchange for the counterparty’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the credit agreement. The payment
obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).
Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and
the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the
form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded as cash collateral
pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering
into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the
swap agreement, or at termination, are recorded as realized gain (loss).
Swap agreements involve, to varying degrees,
elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the
counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.
The following summarizes the monthly average volume of the Fund’s total return swap contracts and forward foreign
currency exchange contracts activity for the three months ended March 28, 2024:
|
|
|
|
|
|
|
|
|
| |
|
Total Return Swap
Contracts(a) |
|
|
Forward Foreign
Currency Exchange
Contracts(a) |
|
| Average Notional Amount |
|
$ |
6,411,523 |
|
|
$ |
23,268,666 |
|
| (a) |
Average notional amounts represent the average for the period in which the Fund had total return swap
contracts and forward foreign exchange contracts outstanding at month-end. For the period, this represents three months for total return swap contracts and three months for forward foreign currency exchange contracts.
|
Cohen and Steers Select ... (NYSE:PSF)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Cohen and Steers Select ... (NYSE:PSF)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
